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Digging for gas, oil in Palawan may happen after 5 years - DOE exec

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<figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/qAKquBOXl0w" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><p>MANILA - Digging for oil and natural gas may begin only 5 years after the Philippine government and an Israeli company signed an exploration deal, an official of the Department of Energy said Friday.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/18/18/ph-israeli-firm-strike-palawan-oil-exploration-deal">PH, Israeli firm strike Palawan oil exploration deal</a></li></ul><p>The drilling, which would be the &quot;ultimate determination&quot; of whether or not there is oil and gas in the East Palawan Basin and how much there is, would only be done after 2 years of gathering of 2D seismic data and other geophysical data and another 2 years of 3D seismic data, said Usec. Donato Marcos.</p><p>Israeli company Ratio Petroleum Ltd. will spend around a million dollars in the first 24 months alone, said Marcos.</p><p>In 2014, the Philippines sold the data from a survey done through third-party outsourcing and this piqued the interest of Ratio Petroleum.</p><p>While the data found reserves, further studies have to be done in order to determine how much of it is &quot;recoverable&quot; before finally determining these through actual drillings, said Marcos.</p><p>So far, the government knows that there are about as much reserves in the basin, which is about 416,000 hectares big, as there is in the Malampaya plant, he said.</p><p>The Israeli company has committed $34,350,000 worth of investment in the project on top of a $100,000 signing bonus, said Marcos.</p><p>Another $100,000 is allotted as a &quot;redevelopment assistance fund,&quot; $5,000 as scholarship fund, and an annual $50,000 for training, he said.</p>

<p>Digging for oil and natural gas may begin only 5 years after the Philippine government and an Israeli company signed an exploration deal, an official of the Department of Energy said Friday.</p>

Digging for oil and natural gas may begin only 5 years after the Philippine government and an Israeli company signed an exploration deal, an official of the Department of Energy said Friday.